Monica
💫 Summary
This video discusses the best five banks for obtaining business credit cards that pull Equifax credit reports. It explains the three components of the Equifax business credit file and how they affect the amount of funding you can receive. The video also mentions specific banks like Citizens Bank, Fifth Third Bank, Truist, Huntington, and DCU that offer Equifax business credit cards.
✨ Highlights📊 Transcript
The Equifax business credit file has three components, the first being the business payment index.
00:00
Equifax reports loans, business credit cards, UCCs, tax liens, and judgments.
The business payment index ranges from one to one hundred.
It's important to maintain a high business payment index for better chances of getting business credit funding.
Maintaining a business credit card that reports to Equifax and paying it bi-weekly can help improve your business index score and business risk score.
02:22
Paying the business credit card bi-weekly can improve the business index score.
The business risk score is determined by the type of industry your business is in, with higher risk industries having higher risk scores.
The business risk score ranges from 101 to 992, and aiming for a score of around 700 is ideal.
The Equifax business credit file has three components: payment history, credit utilization, and business failure.
04:47
Payment history includes how many times payments were late or missed.
Credit utilization is the ratio of credit used to credit available.
Business failure includes how many times payments were late, loans were defaulted, or credit card payments were missed.
The top five Equifax business credit cards are offered by Citizens Bank, Wells Fargo, Chase, Capital One, and Bank of America.
The speaker discusses the average credit score range for obtaining business credit cards and mentions some banks that may consider lower credit scores for approval.
07:10
The speaker suggests that a credit score of 670 and above is generally considered safe for obtaining business credit cards.
Some banks may be open to giving business credit cards to individuals with lower credit scores if they have a long-standing relationship with the bank.
The speaker mentions banks like Citizen Bank, Fifth Third Bank, Truist, and Huntington that may consider lower credit scores for business credit card approval.
Pre-approval options are available with some banks to check eligibility before a hard inquiry is made.
DCU uses Equifax 5 score for mortgage, so it's important to know your actual Equifax credit score for funding.
09:34
Six to eight inquiries per bureau is the rule of thumb before applying for business credit cards.
Opening a business checking account may help with credit building.
Truist reports to Small Business Financial Exchange, which is an important credit bureau for small businesses.
00:00hey what's up YouTube Houston here look
00:03if you have a clean or a strong Equifax
00:08credit file I'm going to show you the
00:11best five banks that you should be going
00:13to if you want business credit cards now
00:17I'm also going to talk about your
00:20Equifax business credit score and why
00:24these three components actually can
00:27determine the amount of money you get in
00:30terms of business credit funding with
00:33your Equifax file all right so why don't
00:37I explain to you about your Equifax
00:39business credit file first okay so with
00:43your Equifax
00:45business credit file
00:48now the first one
00:51that goes into three components all
00:54right so those three components the
00:56first one is your business
01:02payment
01:03index okay
01:07now
01:08understanding this your business payment
01:11index if you're familiar with your Don
01:14and Brad street payday score it's
01:16similar to that like a score rating or
01:19whatever similar to a paydex score but
01:21to think about it you have to understand
01:22what Equifax business okay they're going
01:26to take on they're going to report your
01:28loans
01:30your business credit cards they'll uh
01:34your ucc's your tax liens
01:39and your judgments
01:41all right
01:43so that's what what they're calculating
01:46okay and so it's been very important
01:49that you understand this especially if
01:51you want Miller business credit funding
01:54using your Equifax file okay now that
01:58being said like I said your uh business
02:01pay index your business pay index it
02:04goes from one to a hundred all right now
02:09you want to try to if you can get it
02:12know how everybody focuses on a 80 pay
02:14deck score well if you can uh keep your
02:18excuse me keep your uh pay index up to
02:22about 90 70 you're in the danger zone
02:25but if you can keep it up to 90 and I'll
02:28tell you how to actually do that
02:31um
02:31you'll it'll help you get more funding
02:34all right and the way that you actually
02:36do that know how you if you have a
02:38business credit card that reports to
02:40Equifax making sure that you're not only
02:44just paying it once a month if you can
02:46pay it bi-weekly or your credit card
02:50this helps your business
02:52um
02:53index score that helps your business
02:55index score so that's the first
02:57component of your Equifax business
03:00credit file now the second component the
03:03second component is your business
03:06risk
03:07all right now your business risk
03:11remember I talked about
03:14n a i c s codes all right so we're going
03:19to talk about the five banks that you
03:21should be going to but you need to
03:23understand this if again if you want
03:26more funding business credit funding now
03:29with your business risk they're
03:32calculating that type of uh business
03:34industry you're in so you know uh say
03:37that you want to start a uh trucking
03:39company right and I tell you well uh
03:42trucking company on the transportation
03:44is high risk all right or you want to
03:47try to get into a real estate investing
03:50real estate investing again it's another
03:53high risk naics code all right or say
03:57that you want to do uh Investments have
03:59the term investments in your business
04:01well again it's a high risk
04:05excuse me a high risk naics code all
04:09right and so those risks are actually
04:11calculated those numbers are not there
04:14just for nothing those numbers are
04:16actually calculated and it actually
04:18determines the amount of funding you get
04:21now with your business risk score your
04:24business risk score goes from 101
04:27to 992 okay so with their business risk
04:32scores going from 101 to not 92 you want
04:35to try to get it about a 700.
04:39about a 700 is where you want to be so
04:42that means that those high-risk
04:44businesses you need to find out
04:47alternative naics code okay and with
04:51that alternative naics code that should
04:54lower your risk okay because you're
04:56trying to get business credit funding
04:58all right and if I'm explaining this and
05:01if you guys have been enjoying my video
05:02put a comment below let me know hey you
05:05assistant you're doing pretty good I
05:07appreciate the information let me know
05:09give me some feedback okay it helps the
05:11algorithm but I actually want to know
05:13are you all uh accepting this
05:16information and enjoying it that being
05:18said the third the third component of
05:21the Equifax business credit file
05:24the business failure okay now with the
05:28business failure this is how many times
05:31have you been late making payments uh
05:34how many times have you
05:37um defaulted on a loan how many times
05:40you missed a uh again credit card type
05:43of payments and stuff that's calculated
05:45into your failure risk right so there's
05:48numbers for your fail your risk go from
05:51101 a thousand one up to 18 I think it's
05:561880
05:57uh sorry guys 1880
06:00so your mid uh number you want to get to
06:03is about a 13.50 or somewhere in between
06:06there all right and again these three
06:09numbers is what calculates whether
06:12financial institution wants to give you
06:14larger amounts of money most people
06:17never ever heard of this stuff it's
06:20never been explained it's out there but
06:22most people are not really aware of it
06:24and because you all support me and stuff
06:26I want to continue sharing information
06:28like this because I know it's beneficial
06:30to you now let's talk about those Banks
06:34all right now the top five Equifax
06:37business credit cards in the banks you
06:39want to approach all right the first one
06:43the citizen
06:46Citizens Bank okay
06:49now with Citizens Bank you you are going
06:52to be looking at a
06:54I think it's a 508. sometimes they may
06:57look at your uh FICO 9 but most of the
07:00time is your FICO eight and again it's a
07:03Equifax
07:04all right now your average credit score
07:07for most of these credit cards all right
07:10the average credit score
07:12I would say so that you can be safe I
07:15would say you want to be between 670 and
07:19up all right now it depends on the
07:22financial institution because you may
07:24have a low lower credit score but
07:27because you've been with the bank and
07:28you've been banking with them and you
07:30have a business account with them and
07:31that's another thing they may be open to
07:35giving you
07:36um a business credit card even though
07:38you have a credit score lower than a
07:40670. all right if this has happened to
07:43any of you all using your ex Equifax
07:45credit file put a comment below let me
07:47know about some of these Banks and what
07:50do you think about some of these Banks
07:51all right now you have a citizen bank
07:54then you have
07:58Fifth Third
08:00bank now with Fifth Third Bank again you
08:04talking about a FICO
08:06eight
08:07Equifax
08:10all right then your next bank is
08:15truest
08:18now the true is again
08:21you can do
08:23pre-approval with yours all right which
08:26is very good if you're able to do a
08:29pre-approval to see if you actually
08:30qualify before getting a hard inquiry I
08:34think with some of these other financial
08:35institutions that I've discussed
08:37discussing they may have a pre-approval
08:40process as well okay then you have
08:46Huntington
08:48Huntington excuse me FICO hey now the
08:53banks that I'm talking about yes they
08:55are FICO eight
08:57um
08:57I think there's maybe one on the list
09:00that's not not a FICO eight and I'm
09:02gonna uh tell you about it in a minute
09:04but at the same time if you
09:07you for what your real fight
09:09scores is because like with uh American
09:12Express
09:13Chase Capital One they're not giving you
09:17your FICO scores they're giving you
09:18vantage scores okay and because they're
09:21giving Advantage scores those numbers
09:23may be skewed some so they're not as
09:26accurate because they do not pull from
09:28those scores they actually are pulling
09:30from your FICO score so if you need to
09:32actually get your FICO score click the
09:34link in the description and uh
09:37get your real credit score if you need
09:39one-on-one consultation to go over it to
09:41explain it to you again set up a
09:44one-on-one consultation as well now the
09:47last bank that I'm gonna address DCU
09:52okay now everybody's familiar with uh
09:55Digital Credit Union now here's the
09:58thing about it they are
10:01Equifax five
10:04so this is a mortgage
10:08score
10:10okay so that's the reason you need to
10:13know it it's a but it's a Equifax 505
10:17excuse me so you understand but it's
10:20your mortgage score that they're using
10:22all right so if you want to actually get
10:25more funding you need to know what your
10:28actual Equifax credit score is now also
10:32adding to that
10:34um
10:35depends on your inquiries as well
10:38because some of these Banks they may be
10:40inquiry sensitive always tell you the
10:43rule of thumb is uh between six and
10:45eight inquiries per Bureau okay so if
10:49you have eight inquiries I would
10:51probably try to find financial
10:52institutions to do a pre-approval uh
10:56before I go after any of these business
10:58credit cards another thing that you may
11:00want to do if um to Gardner to going out
11:04to these carts is maybe opening up a
11:06business checking account now
11:09uh I know truest
11:11truest
11:13uh reports to small business
11:15Financial exchange okay that's one of
11:18the business credit credit bureaus is
11:20one of the it's I think it's one of the
11:23most important ones
11:25I think their system most important
11:27because not only it's uh
11:29it's sharing information with small
11:32Business Financial exchange okay but
11:35they uh Small Business Financial
11:38exchange shares it with DMV
11:40and experience
11:42okay so this year bank is definitely one
11:46of those Banks you want to take into
11:47consideration now again if you have any
11:50questions about business credit funding
11:52personal credit funding click the link
11:54in the description it's scheduled
11:55one-on-one consultation thank you
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FAQs about This YouTube Video

1. What are the best five banks for obtaining business credit cards that pull Equifax credit reports?

The best five banks for obtaining business credit cards that pull Equifax credit reports are Citizens Bank, Fifth Third Bank, Truist, Huntington, and DCU. These banks offer business credit cards that are specifically designed to pull Equifax credit reports, making them ideal for business owners looking to establish business credit.

2. What are the three components of the Equifax business credit file that affect the amount of funding you can receive?

The three components of the Equifax business credit file that affect the amount of funding you can receive are payment history, credit utilization, and credit history length. It's important for business owners to understand how these components impact their business credit file when applying for business credit cards from banks that pull Equifax credit reports.

3. Which banks offer Equifax business credit cards?

Several banks offer business credit cards that pull Equifax credit reports, including Citizens Bank, Fifth Third Bank, Truist, Huntington, and DCU. These banks have tailored their business credit card offerings to business owners who prefer Equifax credit reports for their credit card applications.

4. What are the benefits of obtaining a business credit card that pulls Equifax credit reports?

Obtaining a business credit card that pulls Equifax credit reports offers the benefit of building a strong business credit profile with Equifax. This can lead to better financing opportunities, favorable terms on business loans, and increased credibility with lenders and suppliers.

5. How can business owners maximize the benefits of Equifax business credit cards?

Business owners can maximize the benefits of Equifax business credit cards by maintaining a positive payment history, keeping credit utilization low, and managing their credit history length effectively. By doing so, they can enhance their business credit profile and increase their eligibility for better funding options.

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